wrapped up 2016 with higher prices amid shrinking home inventory, according to a recent article in the Chicago Tribune. December 2016 home inventory in the Chicago area was down by 19.1% compared to a year ago. Homes spent an average of 56 days on market, beating the pace of 63 days set in December 2015.
Not surprisingly, the median price of a Chicago home increased by 8.3% in December 2016, reaching $260,000. Condominium prices jumped 6.6% percent to a median of $309,250. Single-family home prices increased 7.4% to $204,000. “Median” means that half of the homes sold for more than those amounts, and half of them sold for less.
Despite shrinking inventory, the volume of Chicago home sales increased by 4.3% during 2016. Faced with fewer home choices and competition for available inventory, home buyers were less choosy and quicker to take action.
Here’s a look at the market in the surrounding area:
Lake County home sales increased 6.3%. Median home prices are up 5% to $211,546.
Kendall County home sales increased 6.6% Median home prices increased 1% to $201,000.
DeKalb County home sales are up 3.2%. Median home prices jumped 10.4% to $143,500.
DuPage county home sales increased 3.5%. Median home prices climbed 4.6% to $251,050.
Please remember that statistics are a broad overview, and that all real estate is local. Market trends in Logan Square will differ from Oak Park, and home inventory in Palatine is going to differ from Elk Grove Village. For local market information and the newest listings in Chicago and the Northwest Suburbs, contact StartingPoint Realty!
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Ryan Gable Broker/CEO Starting Point Realty
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